Private / Alternative Student Loans

Alternative student loans are privately funded loans that are NOT part of the federal
student loan program. They are offered by banks, credit unions, and other lending
institutions, and are designed to supplement federal financial aid awarded to students
when it does not fully meet the funding needs of students. Each private loan lender
determines the interest rates, fees, and eligibility criteria for the loans they offer,
and many lenders also require a co-signer. All private loans require a credit check
to be performed to determine eligibility.

We encourage students to borrow these loans only as a last resort after completing
the FAFSA and exhausting all sources of federal financial aid (Pell Grant, Stafford
Loans, etc). The University of Utah does not endorse any lenders, and you may choose
whichever lender you wish. As a courtesy to our students, we have provided FASTChoice, a loan comparison tool, as a resource to research the rates, eligibility requirements,
and benefits of private loan lenders For more information please visit https://choice.fastproducts.org/FastChoice/home/367500/1. You may also research private loan lenders on your own.

Federal regulations require lenders to send three disclosure notices to borrowers
and co-signers, with a mandatory waiting period prior to disbursement of funds, to
ensure that they are properly informed regarding the terms and conditions of the loan.
Private loan lenders also require the school to certify student eligibility for the
loan, and funds are sent to the school to be disbursed through the tuition account.
Please allow 3-4 weeks for processing time.

Federal Perkins Loan Details

Eligibility Checklist:

Based on financial need

Undergraduate

Attend school half-time or greater

The Federal Perkins Loan program is based on financial need and is awarded by the
University of Utah. Funding is limited. It is available to undergraduate students
only, who attend school half-time or greater.

Current federal legislation has established new eligibility criteria for students
receiving Federal Perkins Loans.

The Perkins Loan program will end on September 30, 2017. For Perkins funds to disburse
for the 2017-18 academic year, students must be enrolled in at least six credit hours
and must have completed any outstanding incomplete checklist items on their financial
aid status. Students must also accept the Perkins Loan and complete the Perkins Promissory
Note and Entrance Counseling. These items must be completed prior to September 30,
2017 in order to be eligible for the Perkins funds.

Federal Nursing Loan Details

Eligibility Checklist:

Based on financial need

Fully admitted to nursing program

Attend school half-time or greater

The U.S Department of Health and Human Services Nursing Loan program is need-based
and awarded by the University of Utah. It is available to undergraduate and graduate
students fully admitted in to the School of Nursing , who attend school half-time
or greater. Students must be enrolled at least half-time (6 or more credit hours per
semester for undergraduate students, 5 or more credit hours per semester for graduate
students) by the last day to add classes for each semester, as published by the Registrar's
Office, and maintain that enrollment throughout the term. The loan interest rate is
5 percent with a nine month grace period. The grace period begins when the student
drops below half-time or does not attend. Repayment on the loan will begin at the
end of the grace period. You will need to sign a new promissory note each academic
year. The funds will be disbursed on a semester basis after the promissory note is
received and a loan orientation is completed. A loan orientation must be completed
each year that a loan is disbursed. The student will repay the loan to the University
of Utah

Federal Direct Subsidized Student Loan Details

Eligibility Checklist:

Undergraduate

Attend school half-time or greater

For the 2018-19 academic year, Federal Direct Subsidized Loans are available to undergraduate
students only, and are awarded on the basis of financial need. You must be enrolled
at least half-time in order to be eligible for the loan. You will not be charged
interest while you are enrolled in school at least half-time or during authorized
periods of deferment; the federal government “subsidizes” the interest during these
times. After you cease to be enrolled at least half-time, you will receive a six-month
grace period on the loan and interest will begin to accrue at that time. At the end
of the six-month grace period, you will enter repayment and must begin repaying the
loan. You may choose to pay the interest during the grace period or have it capitalized.
If you choose to have the interest capitalized, it will be added to the principal
amount of your loan and additional interest will be based on the higher amount. This
will increase the amount that you must repay. If you choose to pay the interest as
it accumulates, you will repay less overall.

If you receive the first disbursement of the loan before October 1, 2018, you will
be required to pay an origination fee of 1.066% of the loan. If you receive the first
disbursement of the loan on or after October 1, 2018, you will be required to pay
an origination fee of 1.062% of the loan. If you receive the first disbursement of
the loan before October 1, 2018 and a subsequent disbursement after that date, the
1.066% origination fee will still apply. This fee is deducted proportionately from
each disbursement of your loan.

Delivery of the first disbursement of Direct Loan funds is dependent on timely completion
of your financial aid file. You must submit all needed documents early enough to allow
adequate processing time.

Each year, the terms, interest rates, and fees assessed for Direct Loans may change.
If you have previously borrowed loans, please contact the lender or servicer of each
loan you have borrowed to determine the terms and conditions of the loan(s). For
more information on current rates, please visit https://studentaid.ed.gov/sa/types/loans/interest-rates.

Federal Direct Unsubsidized Student Loan Details

Eligibility Checklist:

Attend school half-time or greater

For the 2018-19 academic year, Federal Direct Unsubsidized Loans are available to
undergraduate and graduate students, and are not awarded on the basis of financial
need. You must be enrolled at least half-time in order to be eligible for the loan.
You will be charged interest from the time the loan is disbursed until it is repaid
in full, including in-school, six-month grace, and deferment periods. You may choose
to pay the interest while in school or during the six-month grace period, or have
it capitalized. If you choose to have the interest capitalized, it will be added to
the principal amount of your loan and additional interest will be based on the higher
amount. This will increase the amount that you must repay. If you choose to pay the
interest as it accumulates, you will repay less overall.

If you receive the first disbursement of the loan before October 1, 2018, you will
be required to pay an origination fee of 1.066% of the loan. If you receive the first
disbursement of the loan on or after October 1, 2018, you will be required to pay
an origination fee of 1.062% of the loan. If you receive the first disbursement of
the loan before October 1, 2018 and a subsequent disbursement after that date, the
1.066% origination fee will still apply. This fee is deducted proportionately from
each disbursement of your loan.

Delivery of the first disbursement of Direct Loan funds is dependent on timely completion
of your financial aid file. You must submit all needed documents early enough to allow
adequate processing time.

Each year, the terms, interest rates, and fees assessed for Direct Loans may change.
If you have previously borrowed loans, please contact the lender or servicer of each
loan you have borrowed to determine the terms and conditions of the loan(s). For more
information on current rates, please visit https://studentaid.ed.gov/sa/types/loans/interest-rates.

Federal Parent PLUS Loan

Eligibility Checklist:

Parent of dependent undergraduate student

Student must attend school half-time or greater

General requirements for Federal Student Financial Aid

Complete the FAFSA

Pass a credit check

Parent PLUS Loans enable graduate parents of dependent undergraduate students with
good credit histories to borrow additional funds for education expenses. Students
must be enrolled at least half-time. To be eligible to receive a Parent PLUS Loan,
parent borrowers must meet the general eligibility requirements for Federal Student
Financial Aid, complete the FAFSA, and pass a credit check.

If you do not pass the credit check, you may be able to borrow a loan if someone,
such as a relative or friend who is able to pass the credit check, agrees to endorse
the loan. By endorsing the loan, that individual promises to repay it if you fail
to do so. You might also qualify for the loan if the credit check is denied, provided
you can demonstrate that extenuating circumstances exist.

The yearly limit you may borrow on a Parent PLUS Loan is equal to the student’s cost
of attendance minus any other financial aid received. For the 2017-18 academic year,
the interest rate on the Parent PLUS Loan is a fixed 7.00%. Interest is charged on
the loan from the first date of disbursement until the loan is paid in full. The parent
borrower is responsible for paying the interest that accrues. If you receive the first
disbursement of the loan before October 1, 2017, an origination fee of 4.276% will
be charged on the loan and deducted proportionately from each disbursement of the
loan. If you receive the first disbursement of the loan on or after October 1, 2017,
an origination fee of 4.264% will be charged on the loan and deducted proportionately
from each disbursement of the loan. If you receive the first disbursement of the
loan before October 1, 2017 and a subsequent disbursement after that date, the 4.276%
origination fee will still apply.

Repayment on a Parent PLUS Loan begins within 60 days after the final loan disbursement
for the academic year. However, payments may be deferred while the student is enrolled
at least half-time. You may choose to pay the interest while in school or have it
capitalized. If you choose to have the interest capitalized, it will be added to the
principal amount of your loan and additional interest will be based upon the higher
amount. This will increase the amount that you must repay. If you choose to pay the
interest as it accumulates, you will repay less overall.

Delivery of the first disbursement of Parent PLUS Loan funds is dependent on timely
completion of the student’s financial aid file. You must submit all needed documents
early enough to allow adequate processing time.

Each year, the terms, interest rates, and fees assessed for Parent PLUS Loans may
change. If your parent has previously borrowed loans, he or she should contact the
lender or servicer of each loan borrowed to determine the terms and conditions of
the loan(s). For more information on current rates, please visit https://studentaid.ed.gov/sa/types/loans/interest-rates

Important Note: As of March 29, 2015, federal regulations require Parent PLUS Loan
borrowers who have an adverse credit history, but who qualify for a Parent PLUS Loan
to complete a “PLUS Counseling” session. This includes borrowers whose credit check
is denied and then subsequently approved on appeal, or who are approved with an endorser.
This loan counseling session must be completed before loan funds can be disbursed
to the student’s tuition account, and applies to all Parent PLUS Loans approved during
the duration of the credit check, which is good for 180 days. After that, a new counseling
session must be completed if the student borrows additional Parent PLUS Loan funds
and an adverse credit history still applies.

Federal Graduate / Professional PLUS Loan Details

Eligibility Checklist:

Graduate/professional student

Attend school half-time or greater

General requirements for Federal Student Financial Aid

Complete the FAFSA

Pass a credit check

Graduate PLUS Loans enable graduate students with good credit histories to borrow
additional funds for education expenses. Students must be enrolled at least half-time.
To be eligible to receive a Graduate PLUS Loan, students must meet the general eligibility
requirements for Federal Student Financial Aid, complete the FAFSA, and pass a credit
check.

If you do not pass the credit check, you may be able to borrow a loan if someone,
such as a relative or friend who is able to pass the credit check, agrees to endorse
the loan. By endorsing the loan, that individual promises to repay it if you fail
to do so. You might also qualify for the loan if the credit check is denied, provided
you can demonstrate that extenuating circumstances exist.

The yearly limit you may borrow on a Graduate PLUS Loan is equal to your cost of attendance
minus any other financial aid you receive. For the 2017-18 academic year, the interest
rate on the Graduate PLUS Loan is a fixed 7.00%. Interest is charged on the loan from
the first date of disbursement until the loan is paid in full. You are responsible
for paying the interest that accrues. If you receive the first disbursement of the
loan before October 1, 2017, an origination fee of 4.276% will be charged on the loan
and deducted proportionately from each disbursement of the loan. If you receive the
first disbursement of the loan on or after October 1, 2017, an origination fee of
4.264% will be charged on the loan and deducted proportionately from each disbursement
of the loan. If you receive the first disbursement of the loan before October 1,
2017 and a subsequent disbursement after that date, the 4.276% origination fee will
still apply.

Repayment on a Graduate PLUS Loan begins within 60 days after the final loan disbursement
for the academic year. However, payments may be deferred while you are enrolled at
least half-time. You may choose to pay the interest while in school or have it capitalized.
If you choose to have the interest capitalized, it will be added to the principal
amount of your loan and additional interest will be based upon the higher amount.
This will increase the amount that you must repay. If you choose to pay the interest
as it accumulates, you will repay less overall.

Delivery of the first disbursement of Graduate PLUS Loan funds is dependent on timely
completion of your financial aid file. You must submit all needed documents early
enough to allow adequate processing time.

Each year, the terms, interest rates, and fees assessed for Graduate PLUS Loans may
change. If your parent has previously borrowed loans, he or she should contact the
lender or servicer of each loan borrowed to determine the terms and conditions of
the loan(s). For more information on current rates, please visit https://studentaid.ed.gov/sa/types/loans/interest-rates

Important Note: As of March 29, 2015, federal regulations require Graduate PLUS Loan
borrowers who have an adverse credit history, but who qualify for a Graduate PLUS
Loan to complete a “PLUS Counseling” session. This includes borrowers whose credit
check is denied and then subsequently approved on appeal, or who are approved with
an endorser. This loan counseling session must be completed before loan funds can
be disbursed to the student’s tuition account, and applies to all Graduate PLUS Loans
approved during the duration of the credit check, which is good for 180 days. After
that, a new counseling session must be completed if the student borrows additional
Graduate PLUS Loan funds and an adverse credit history still applies. In addition,
this loan counseling does not meet the requirement to complete an Entrance Counseling
session for all first-time Direct Unsubsidized Loan and/or Graduate PLUS Loan borrowers.